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Indian consumers poised to spend more and also extravagantly this festive season, HT consumer report says
More Indian consumers may purchase a vehicle, travel internationally, or purchase luxury goods, HT Media’s 2024 Consumer Trends and Festive Insights Report says
Consumer confidence and sentiment in India is increasing, meaning that consumers will be more willing to spend their money on products and experiences, according to HT Media's 2024 Consumer Trends and Festive Insights Report, which added that consumer focus is also shifting more towards higher-value or more extravagant spending.
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What are the key findings of HT Media's 2024 Consumer Trends and Festive Insights Report?
More than 50% of HT Print and Digital readers are planning to purchase a four-wheeler, while more than 40% are considering a two-wheeler this festive season, which showcases a remarkable increase in consumer confidence.
Over 70% of HT and Mint readers plan to travel internationally within the next two years, reflecting a rising aspiration for global experiences.
More than 65% of Hindustan Times & Hindustantimes.com consumers intend to buy a new smartphone this festive season, with many willing to invest between ₹10,000 and ₹50,000 for this purpose.
What did the report find about luxury spending?
The report also underscores the lasting allure of luxury products, with over 55% of HT and Mint readers already owning high-end items.
More than 65% of LiveHindustan.com and Hindustanreaders plan to invest in jewellery, showcasing a strong preference for traditional, high-value purchases, especially as the festive season approaches.
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This highlights the necessity for brands to offer compelling deals and promotions to capture this demand.
How was the report made?
All this data comes from the report's intensive research in collaboration with international market research company Kantar, on ten key product categories, derived from the extensive reach of Hindustan Times’ Print and Digital platforms, Hindi Hindustan, and Mint, making it a valuable resource for brands seeking to delve into India's affluent consumer segments, especially ones navigating the upcoming festive season.
“The insights from our report reveal a transformative shift in consumer behaviour as we approach the festive season,” said Saurabh Sharma, Head of Marketing & Insights at HT Media. “Brands prioritising value-driven engagement, will strengthen their relevance and forge meaningful connections with consumers during this pivotal time.”
Where can I find the report?
You can get a copy of the report from https://www.htmedia.in/festive-report/
